President Donald Trump's infamous pronouncement that "trade wars are good, and easy to win" was dealt yet another blow on Monday, as stocks slid at the opening bell amid news that China is on the verge of pulling out of trade talks, and Trump tweeted new threats to raise tariffs.
The ongoing standoff, which Trump initiated with no clear reasoning or exit strategy, stands to devastate farmers who rely on exporting their crops, and sending the prices of consumer goods ever higher.
As the news sunk stock prices, reporters and experts weighed in on Twitter, reminding everyone that the president who loves to brag about the economy is needlessly kneecapping it on the world stage:
Trump’s damage on the markets, with his threat of escalation in China trade war: —Stocks tumbled —Chinese yuan fel… https://t.co/Xxowy1cLuT— Jennifer Jacobs (@Jennifer Jacobs)1557143234.0
"Every single sector is down." Here's the latest in markets after Trump's tweets. https://t.co/c2elA9Zdtp— Bloomberg (@Bloomberg)1557123743.0
Trump again falsely claims that China pays the cost of his tariffs. In fact, a March study found: “Tariffs were alm… https://t.co/nQV6SoDvew— Chris Lu (@Chris Lu)1557136152.0
So the Trump Doctrine is: -disrupt trade relations by tweet -failed coup by tweet -praise dictators by tweet -igno… https://t.co/EXtaj3Ljkr— Molly McKew (@Molly McKew)1557141628.0
This morning we wake up to news that Trump is sending aircraft carriers to Iran, threatening to escalate a trade wa… https://t.co/CZuaneHTgK— Ro Khanna (@Ro Khanna)1557138025.0